Lite Doc, Efficiency, 40 Years, HELOC Products; FHA, VA, USDA, HECM Agency and Investor News Isn’t Ice Cream a Superfood!? In fact, I worked at an ice cream factory in my early twenties. Did you know that Moose Tracks ice cream is named after a miniature golf course in Michigan’s Upper Peninsula? Thanks, Carla M. Which reminded me that July is National Ice Cream Month with an article on the best flavors. It’s fortunate that chocolate and ice cream meet, as many of the most popular flavors are out there. I know for a fact that mortgage attorney Brian Levy’s favorite ice cream is the unfamiliar rum raisin, even though his latest cut has absolutely nothing to do with it. Brian Levy’s latest Mortgage Musing covers group housing politics, professionalism, conflicts of interest in affiliate business arrangements, and whether doctor’s body cameras are a good idea (spoiler alert: no). If you want to be a “brainer” while learning something about the mortgage business, sign up for Levy’s Musings (it’s free and they promise they won’t sell your email address). (Today’s podcast can be found here. Sponsoring this week is Richey May, a recognized leader in providing expert advice, auditing, tax, technology, and other services to the mortgage industry for nearly four decades. To experience how Richey can help you transform your mortgage business, visit richeymay.com. Hear an interview with Scott Lindner of TD Bank in Summer Homebuyer Programs and Advice You Know First Time, With First Time Lender Services, and Your Own Lender Programs and Advice.) For the financial flexibility to make an improvement household chores, prepare a recent graduate financially for college, or even stabilize their monthly debt payments. They are looking to do this as affordably as possible. At Symmetry Lending, our HELOC rates are significantly lower than many other credit card and HELOC providers, and we stand ready to help your customers get the most for their money. Let us help you win and keep more business with financially conscious HELOC offerings. Contact Symmetry experts to learn more! Great news! Carrington Wholesale and Reporter have introduced two game-changing product improvements. The first is the 40-year loan option for non-bank statement quality, fixed-rate loans. Borrowers benefit from lower monthly payments and increased buying power, making them ideal for real estate investors seeking increased cash flow. 3 years, depending on purchase type.Find out more at CarringtonWholesale.com and CarringtonCorrespondent.com.Discover the perfect loan solutions for a borrower’s unique financial needs!New E-Book: The Essential Guide to Efficient Lending.Today, labor makes up more than 50 percent of the cost of closing a loan.That’s why it’s vital to boost your team’s productivity.In this eBook, mortgage solutions provider Maxwell identifies 4 vital steps to maximizing efficiency without increasing overhead.From eliminating bottlenecks to automating work Thoughtfully packed, these actions will transform your lending process and profitability. Do you want to build a smart lending team that produces better borrower experiences and reduces leakage? Click here to download Maxwell’s free e-book, The Essential Guide to Lending Efficiency. Working with self-employed borrowers? You’re probably already using bank statement software, but are you familiar with Lite Doc software? Join us on Wednesday, August 2 at 2:00 PM ET / 10:00 AM PT for a DealDesk session focused on Quontic’s Lite Doc, presented by a National Mortgage Professional. This interactive forum provides brokers and builders with an opportunity to share real deals and scenarios. Quontic Wholesale, a bank with CDFI status, offers unique income verification methods for owner-occupied and investor Lite Docs. The program eliminates the need for tax returns or W2s and accepts 100 percent gift money for your down payment and closing costs. Allows income and loan for one year of up to $3,000,000 with up to 80 percent of LTV and 50 percent of DTI. The cash withdrawal proceeds can be used towards reserves, and the program is available for different property types. Register here to submit your deals and ask questions about Quontic’s Lite Doc. Ginnie News Government products account for about 25 percent of the apps and business. Let’s see who does what. What does the Veterans Administration tell vets about cash refinancing? Here you go: Cash Refinance Loan | Veterans Affairs (va.gov). Ginnie Mae announced the expansion of the Low-Medium Income Disclosure Initiative (LMI) to include aggregated loan-level data for USDA-Rural Housing Service (USDA-RHS) loans. The pool level borrower’s income data will be used to disclose the level of mortgage-backed security to Ginnie Mae “LMI Income”. Ginnie Mae has been strengthening LMI’s disclosures, starting with LMI’s geographic information two years ago and adding LMI’s income earlier this year. These disclosures are an integral part of Ginnie Mae’s inherent social and environmental mission, and are consistent with the environmental, social, and governance (ESG) considerations of MBS investors. Income limits for fiscal year 2023 for Grant and Direct Loan Single-Family Loan Programs were published on July 13, 2023 by Notice of Action 587. The Guaranteed Underwriting System (GUS) and income eligibility calculation on the eligibility website have been updated with the new income limits. Income limits have been updated at affected locations and systems (eg, UniFi and the Section 502 self-assessment tool). The following automated worksheets have also been updated. Section 502 – Worksheet for Calculating Income Calculator and Loan Maximum (as found on the Direct Loan Application Filling Toolkit pages). Section 504 – Automated Worksheet (as found on the Single-Family Home Reform Loans and Grants page (under the “Apply” tab). The Federal Housing Administration (FHA) has posted additional translated material to its recently launched Language Access Resources webpage, including Form HUD-92564-CN, “For Your Protection, Get a Home Inspection” and “Qualifying the Wrong Homes”. tgagee Letter (ML) 2023-15, Industry Comments Received on the Draft ML published on the Single-Family Drafting Schedule and announced in FHA INFO 2023-41, implements changes to the processes used by the FHA in anticipated or actual defaults by a mortgage lender on immediate payment. Ginnie Mae’s real estate (MBS) reached $2.422 trillion in June, including $39 billion in total issuance by MBS, resulting in net growth of $18 billion. Issuances for the month were much higher than the $34 billion in May and the $33 billion in April. For more information on MBS Monthly, UPB, REMIC Monthly and Global Market Analysis, visit Ginnie Mae Disclosure. USDA Carrington Correspondent Rate Improvement, 25 basis points in the purchase price of loans. The opposite future exists: The population aged 65 and over is projected to reach about 80.8 million by 2040, more than double what it was in 2000, according to the Department of Community Life. And with the average income for seniors reaching $26,668 in 2020, rising costs of living and personal healthcare expenses are inevitable for this rapidly growing population. Maximize your top clients’ potential for financial freedom by taking advantage of the benefits of reverse mortgages. The Plaza Home Mortgage® reverse mortgage team can help guide you through the process, whether you are new to the reverse mortgage market or adding more reverse mortgage to your business strategy. Capital Markets Even as Freddie Mac reported yesterday that mortgage rates fell from a week-to-date high after last week’s shocking inflation reports, the mix of data, damaged tech and jittery markets ahead of next week’s central bank meetings saw 10-year yields rise to their highest level in more than a week. Market participants are at odds with the Fed again as unemployment remains at its lowest level in half a century and inflation slows. It’s still not clear if the Fed’s tightening has tamed inflation, but some Fed members are calling for two more rate hikes of 25 basis points before year-end, something markets haven’t priced in. Monetary policy operates with a long delay, and instead of the Fed looking at early indicators such as future inflation and rental business activity, the Federal Open Market Committee (FOMC) focused on the lagging economic indicator of jobs. Speaking of early indicators, we learned yesterday that the Leading Economic Indicators Index fell again in June, supported by gloomier consumer expectations, weaker new orders, an increase in the number of initial jobless claims, and a decline in housing construction, according to the Conference Board. The leading indicator has been in decline for fifteen months, the longest streak of consecutive declines since 2007-08 during the lead-up to the Great Recession. June data indicates that economic activity will continue to slow in the coming months due to rising prices, tightening monetary policy, difficulty in obtaining credit and lower government spending. True, rates have fallen over the past week, but the recent overall rise in mortgage rates is weighing on the resale market. Total existing home sales fell 3.3 percent to 4.16 million units in June as the monthly median sales price ($410,200) reached its second-highest level on record. Sales fell 18.9 percent from a year ago to 1.08 million at the end of June, with the inventory of unsold existing homes (offered 3.1 months at the current monthly sales pace) unchanged from the previous month. Even if rates were 0 percent, if there were no homes to buy, sales would drop. Although today is a 48-hour Class D for those who need to announce a particular MBS participating in a trade before settlement, there are no economic data points today, and we start the day with agency MBS prices virtually unchanged from Thursday afternoon, 10-year yield of 3.84 after closing yesterday at 3.85 percent, and the two-year at 4.85: the yield curve inversion is alive and well. Recruitment and Transitions” Chelsea Vonder Haar, Senior Vice President of Marketing for USA Mortgage, has been named Marketing Leader in 2023 by HousingWire.com. Vonder Haar has moved up through the ranks over her 10-year history with USA Mortgage. Taking the lead on the marketing team in 2017, she has led explosive growth through a sophisticated marketing strategy, helping develop USA Mortgage from a local lender to a national operation licensed in 49 states. USA Mortgage is a full-service mortgage bank known for its unparalleled marketing options for loan officers and estate agents, helping them effectively reach more clients.Today, Vonder Haar’s award-winning group of 17 marketing professionals provides print, social media, digital marketing, and video marketing to thousands of stakeholders.The priority of her team is to give Loan Officers USA several resources dedicated to growing and supporting their businesses.For a confidential conversation about joining the USA, Call Brooke Anderson at 609-500-1520 or email us. Keith McKay, CEO of Prime Choice Funding, invites you to participate in reshaping the mortgage industry. Our mission for 2023 is to become the best mortgage broker in the nation. Join our team and expand your professional horizon with diversified loan programs, flexible compensation plans, and a unique opportunity to earn more by offering solar solutions to your clients. Backed by comprehensive marketing resources, a cutting-edge platform, and strong operations support, your potential for growth is limitless. Sustainability Register for our educational webinar today and explore these rewarding opportunities.”
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